Can anyone provide any insight into the growth and impact funds at TPG? Specifically what the culture/comp/hours are and how they differ between the two?
Any info would be much appreciated, feel like there isn’t much on here.
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Not a Rise LP but have seen their returns since they're in the market with Rise III right now. Rise I is third quartile, possible sneaking into second depending on how you benchmark it. Rise II is still very much in the j-curve, only a couple notable markups, and so looks very bad from a quartile perspective.
It will be interesting to see how the Rise III fundraise goes. I suspect they'll hit the hard cap (the Climate fund TPG raised in 2021 was wildly oversubscribed) given how trendy ESG/impact investing is now but true market rate investors will struggle to justify making a commitment given how the track record is starting to shape up. That said, so many institutions now have some sort of "impact" bucket that they can just allocate out of that and hold their nose on the returns because it's easier to justify the TPG platform to an investment committee, particularly if they're an LP in another strategy, than to switch to another megafund GP who has less of a track record (KKR Impact, Bain Double Impact, Apax Global Impact, etc) or move down market to any of the dozens of small funds.
In most other cases, I would tell you that I'd expect a Fund III to get raised because the GP will tell a nice story about how performance is going to improve in the previous funds for various reasons, existing LPs will commit but there probably will be very few new LPs who join up, and the fund struggles to hit its target size. Then either the GP actually executes on its Fund III marketing spin, performance improves, and Fund IV is raised with no problem or the GP continues to produce mediocre numbers and it's a three-fund run where Fund IV never gets raised. Raising a first fund is hard. Raising a second fund is a lot easier. Raising a third fund is decently easy, though raising a much larger third fund is hard and requires good performance. Raising a fourth fund of any size requires good performance.